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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2019

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ______________ to ______________

 

Commission File Number:  001-13545 (Prologis, Inc.)  001-14245 (Prologis, L.P.)

 

Prologis, Inc.

Prologis, L.P.

(Exact name of registrant as specified in its charter)

 

Maryland (Prologis, Inc.)

Delaware (Prologis, L.P.)

 

94-3281941 (Prologis, Inc.)

94-3285362 (Prologis, L.P.)

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

Pier 1, Bay 1, San Francisco, California

 

94111

(Address or principal executive offices)

 

(Zip Code)

 

(415) 394-9000

(Registrants’ telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

Title of Each Class

 

Trading Symbol(s)

 

Name of Each Exchange on Which Registered

Prologis, Inc.

 

Common Stock, $0.01 par value

 

PLD

 

New York Stock Exchange

Prologis, L.P.

 

1.375% Notes due 2021

 

PLD/21

 

New York Stock Exchange

Prologis, L.P.

 

3.000% Notes due 2022

 

PLD/22

 

New York Stock Exchange

Prologis, L.P.

 

3.375% Notes due 2024

 

PLD/24

 

New York Stock Exchange

Prologis, L.P.

 

3.000% Notes due 2026

 

PLD/26

 

New York Stock Exchange

Prologis, L.P.

 

2.250% Notes due 2029

 

PLD/29

 

New York Stock Exchange

Prologis, L.P.

 

Floating Rate Notes due 2020

 

PLD/20B

 

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing for the past 90 days.

Prologis, Inc.

Yes

No

Prologis, L.P.

Yes

No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter periods that the registrant was required to submit such files).

Prologis, Inc.

Yes

No

Prologis, L.P.

Yes

No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

 

Prologis, Inc.:

 

 

 

 

Large accelerated filer   

Accelerated filer   

Non-accelerated filer   

Smaller reporting company   

Emerging growth company    

 

Prologis, L.P.:

 

 

 

 

Large accelerated filer   

Accelerated filer   

Non-accelerated filer   

Smaller reporting company   

Emerging growth company    

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).

Prologis, Inc.

Yes

No

Prologis, L.P.

Yes

No

 

The number of shares of Prologis, Inc.’s common stock outstanding at October 17, 2019, was approximately 631,744,000.

 

 

 


 

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended September 30, 2019, of Prologis, Inc. and Prologis, L.P. Unless stated otherwise or the context otherwise requires, references to “Prologis, Inc.” or the “Parent” mean Prologis, Inc. and its consolidated subsidiaries; and references to “Prologis, L.P.” or the “Operating Partnership” or the “OP” mean Prologis, L.P., and its consolidated subsidiaries. The terms “the Company,” “Prologis,” “we,” “our” or “us” means the Parent and the OP collectively.

 

The Parent is a real estate investment trust (a “REIT”) and the general partner of the OP. At September 30, 2019, the Parent owned 97.22% common general partnership interest in the OP and 100% of the preferred units in the OP. The remaining 2.78% common limited partnership interests are owned by unaffiliated investors and certain current and former directors and officers of the Parent.

 

We operate the Parent and the OP as one enterprise. The management of the Parent consists of the same members as the management of the OP. These members are officers of the Parent and employees of the OP or one of its subsidiaries. As sole general partner, the Parent has control of the OP through complete responsibility and discretion in the day-to-day management and therefore, consolidates the OP for financial reporting purposes. Because the only significant asset of the Parent is its investment in the OP, the assets and liabilities of the Parent and the OP are the same on their respective financial statements.

We believe combining the quarterly reports on Form 10-Q of the Parent and the OP into this single report results in the following benefits:

enhances investors’ understanding of the Parent and the OP by enabling investors to view the business as a whole in the same manner as management views and operates the business;

eliminates duplicative disclosure and provides a more streamlined and readable presentation as a substantial portion of the Company’s disclosure applies to both the Parent and the OP; and

creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.

 

It is important to understand the few differences between the Parent and the OP in the context of how we operate the Company. The Parent does not conduct business itself, other than acting as the sole general partner of the OP and issuing public equity from time to time. The OP holds substantially all the assets of the business, directly or indirectly. The OP conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for net proceeds from equity issuances by the Parent, which are contributed to the OP in exchange for partnership units, the OP generates capital required by the business through the OP’s operations, incurrence of indebtedness and issuance of partnership units to third parties.

 

The presentation of noncontrolling interests, stockholders’ equity and partners’ capital are the main areas of difference between the consolidated financial statements of the Parent and those of the OP. The differences in the presentations between stockholders’ equity and partners’ capital result from the differences in the equity and capital issuances in the Parent and in the OP.

                

The preferred stock, common stock, additional paid-in capital, accumulated other comprehensive income (loss) and distributions in excess of net earnings of the Parent are presented as stockholders’ equity in the Parent’s consolidated financial statements. These items represent the common and preferred general partnership interests held by the Parent in the OP and are presented as general partner’s capital within partners’ capital in the OP’s consolidated financial statements. The common limited partnership interests held by the limited partners in the OP are presented as noncontrolling interest within equity in the Parent’s consolidated financial statements and as limited partners’ capital within partners’ capital in the OP’s consolidated financial statements.

                

To highlight the differences between the Parent and the OP, separate sections in this report, as applicable, individually discuss the Parent and the OP, including separate financial statements and separate Exhibit 31 and 32 certifications. In the sections that combine disclosure of the Parent and the OP, this report refers to actions or holdings as being actions or holdings of Prologis.

 

 

 


 

PROLOGIS

INDEX

 

 

 

 

 

Page

Number

 

PART I.

 

Financial Information

 

 

 

 

 

Item 1.

Financial Statements

 

1

 

 

 

            Prologis, Inc.:

 

 

 

 

 

 

Consolidated Balance Sheets – September 30, 2019 and December 31, 2018

 

1

 

 

 

 

Consolidated Statements of Income – Three and Nine Months Ended September 30, 2019 and 2018

 

2

 

 

 

 

Consolidated Statements of Comprehensive Income – Three and Nine Months Ended September 30, 2019 and 2018

 

3

 

 

 

 

Consolidated Statements of Equity – Three and Nine Months Ended September 30, 2019 and 2018

 

4

 

 

 

 

Consolidated Statements of Cash Flows – Nine Months Ended September 30, 2019 and 2018

 

5

 

 

 

            Prologis, L.P.:

 

 

 

 

 

 

Consolidated Balance Sheets – September 30, 2019 and December 31, 2018

 

6

 

 

 

 

Consolidated Statements of Income – Three and Nine Months Ended September 30, 2019 and 2018

 

7

 

 

 

 

Consolidated Statements of Comprehensive Income – Three and Nine Months Ended September 30, 2019 and 2018

 

8

 

 

 

 

Consolidated Statements of Capital – Three and Nine Months Ended September 30, 2019 and 2018

 

9

 

 

 

 

Consolidated Statements of Cash Flows – Nine Months Ended September 30, 2019 and 2018

 

10

 

 

 

            Prologis, Inc. and Prologis, L.P.:

 

 

 

 

 

 

Notes to the Consolidated Financial Statements

 

11

 

 

 

 

Note 1. General

 

11

 

 

 

 

Note 2. DCT Transaction

 

12

 

 

 

 

Note 3. Real Estate

 

13

 

 

 

 

Note 4. Unconsolidated Entities

 

15

 

 

 

 

Note 5. Assets Held for Sale or Contribution

 

17

 

 

 

 

Note 6. Debt

 

17

 

 

 

 

Note 7. Noncontrolling Interests

 

19

 

 

 

 

Note 8. Long-Term Compensation

 

20

 

 

 

 

Note 9. Earnings Per Common Share or Unit

 

21

 

 

 

 

Note 10. Financial Instruments and Fair Value Measurements

 

23

 

 

 

 

Note 11. Business Segments

 

26

 

 

 

 

Note 12. Supplemental Cash Flow Information

 

28

 

 

 

 

Reports of Independent Registered Public Accounting Firm

 

29

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

31

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

48

 

 

 

Item 4.

Controls and Procedures

 

49

 

PART II.

 

Other Information

 

 

 

 

 

Item 1.

Legal Proceedings

 

50

 

 

 

Item 1A.

Risk Factors

 

50

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

50

 

 

 

Item 3.

Defaults Upon Senior Securities

 

50

 

 

 

Item 4.

Mine Safety Disclosures

 

50

 

 

 

Item 5.

Other Information

 

50

 

 

 

Item 6.

Exhibits

 

50

 

 

 

 

 

 


 

PART I. FINANCIAL INFORMATION

 

ITEM 1. Financial Statements

 

PROLOGIS, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

September 30, 2019

 

 

December 31,

 

 

(Unaudited)

 

 

2018

 

ASSETS

 

 

 

 

 

 

 

Investments in real estate properties

$

34,911,650

 

 

$

34,586,987

 

Less accumulated depreciation

 

5,287,640

 

 

 

4,656,680

 

Net investments in real estate properties

 

29,624,010

 

 

 

29,930,307

 

Investments in and advances to unconsolidated entities

 

5,886,820

 

 

 

5,745,294

 

Assets held for sale or contribution

 

799,017

 

 

 

622,288

 

Net investments in real estate

 

36,309,847

 

 

 

36,297,889

 

 

 

 

 

 

 

 

 

Lease right-of-use assets

 

437,038

 

 

 

-

 

Cash and cash equivalents

 

1,024,994

 

 

 

343,856

 

Other assets

 

1,676,306

 

 

 

1,775,919

 

Total assets

$

39,448,185

 

 

$

38,417,664

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

Debt

$

11,459,223

 

 

$

11,089,815

 

Lease liabilities

 

432,122

 

 

 

-

 

Accounts payable and accrued expenses

 

808,898

 

 

 

760,515

 

Other liabilities

 

812,365

 

 

 

766,446

 

Total liabilities

 

13,512,608

 

 

 

12,616,776

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

Prologis, Inc. stockholders’ equity:

 

 

 

 

 

 

 

Series Q preferred stock at stated liquidation preference of $50 per share; $0.01 par value; 1,379

     shares issued and outstanding and 100,000 preferred shares authorized at September 30, 2019 and

          December 31, 2018

 

68,948

 

 

 

68,948

 

Common stock; $0.01 par value; 631,743 shares and 629,616 shares issued and outstanding at

     September 30, 2019 and December 31, 2018, respectively

 

6,317

 

 

 

6,296

 

Additional paid-in capital

 

25,693,652

 

 

 

25,685,987

 

Accumulated other comprehensive loss

 

(1,050,246

)

 

 

(1,084,671

)

Distributions in excess of net earnings

 

(2,201,461

)

 

 

(2,378,467

)

Total Prologis, Inc. stockholders’ equity

 

22,517,210

 

 

 

22,298,093

 

Noncontrolling interests

 

3,418,367

 

 

 

3,502,795

 

Total equity

 

25,935,577

 

 

 

25,800,888

 

Total liabilities and equity

$

39,448,185

 

 

$

38,417,664

 

 

The accompanying notes are an integral part of these Consolidated Financial Statements.

1

 


 

PROLOGIS, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In thousands, except per share amounts)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

$

710,465

 

 

$

608,974

 

 

$

2,107,961

 

 

$

1,709,596

 

Strategic capital

 

 

230,467

 

 

 

71,142

 

 

 

393,416

 

 

 

279,800

 

Development management and other

 

 

1,249

 

 

 

2,316

 

 

 

3,228

 

 

 

7,968

 

Total revenues

 

 

942,181

 

 

 

682,432

 

 

 

2,504,605

 

 

 

1,997,364

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

 

180,864

 

 

 

147,184

 

 

 

550,070

 

 

 

423,454

 

Strategic capital

 

 

63,404

 

 

 

35,390

 

 

 

138,668

 

 

 

114,100

 

General and administrative

 

 

65,199

 

 

 

62,244

 

 

 

201,176

 

 

 

182,287

 

Depreciation and amortization

 

 

282,254

 

 

 

252,702

 

 

 

850,639

 

 

 

660,456

 

Other

 

 

2,294

 

 

 

3,391

 

 

 

9,643

 

 

 

11,145

 

Total expenses

 

 

594,015

 

 

 

500,911

 

 

 

1,750,196

 

 

 

1,391,442

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income before gains on real estate transactions, net

 

 

348,166

 

 

 

181,521

 

 

 

754,409

 

 

 

605,922

 

Gains on real estate transactions, net

 

 

123,314

 

 

 

194,058

 

 

 

535,717

 

 

 

483,430

 

Operating income

 

 

471,480

 

 

 

375,579

 

 

 

1,290,126

 

 

 

1,089,352

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from unconsolidated entities, net

 

 

46,302

 

 

 

56,634

 

 

 

151,524

 

 

 

181,839

 

Interest expense

 

 

(60,244

)

 

 

(64,186

)

 

 

(179,873

)

 

 

(166,761

)

Interest and other income, net

 

 

654

 

 

 

1,891

 

 

 

12,876

 

 

 

9,508

 

Foreign currency and derivative gains, net

 

 

59,492

 

 

 

21,513

 

 

 

70,267

 

 

 

65,801

 

Losses on early extinguishment of debt, net

 

 

(13,585

)

 

 

(1,955

)

 

 

(16,086

)

 

 

(2,657

)

Total other income

 

 

32,619

 

 

 

13,897

 

 

 

38,708

 

 

 

87,730

 

Earnings before income taxes

 

 

504,099

 

 

 

389,476

 

 

 

1,328,834

 

 

 

1,177,082

 

Total income tax expense

 

 

13,086

 

 

 

13,956

 

 

 

53,230

 

 

 

44,612

 

Consolidated net earnings

 

 

491,013

 

 

 

375,520

 

 

 

1,275,604

 

 

 

1,132,470

 

Less net earnings attributable to noncontrolling interests

 

 

38,867

 

 

 

27,684

 

 

 

89,636

 

 

 

81,169

 

Net earnings attributable to controlling interests

 

 

452,146

 

 

 

347,836

 

 

 

1,185,968

 

 

 

1,051,301

 

Less preferred stock dividends

 

 

1,507

 

 

 

1,491

 

 

 

4,498

 

 

 

4,443

 

Net earnings attributable to common stockholders

 

$

450,639

 

 

$

346,345

 

 

$

1,181,470

 

 

$

1,046,858

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding – Basic

 

 

630,929

 

 

 

574,520

 

 

 

630,356

 

 

 

546,612

 

Weighted average common shares outstanding – Diluted

 

 

655,259

 

 

 

597,647

 

 

 

654,818

 

 

 

568,599

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share attributable to common stockholders – Basic

 

$

0.71

 

 

$

0.60

 

 

$

1.87

 

 

$

1.92

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share attributable to common stockholders – Diluted

 

$

0.71

 

 

$

0.60

 

 

$

1.86

 

 

$

1.90

 

 

The accompanying notes are an integral part of these Consolidated Financial Statements.

2

 


 

PROLOGIS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(In thousands)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Consolidated net earnings

 

$

491,013

 

 

$

375,520

 

 

$

1,275,604

 

 

$

1,132,470

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation gains (losses), net

 

 

30,053

 

 

 

(10,316

)

 

 

42,471

 

 

 

(153,359

)

Unrealized gains (losses) on derivative contracts, net

 

 

(616

)

 

 

4,454

 

 

 

(6,974

)

 

 

298

 

Comprehensive income

 

 

520,450

 

 

 

369,658

 

 

 

1,311,101

 

 

 

979,409

 

Net earnings attributable to noncontrolling interests

 

 

(38,867

)

 

 

(27,684

)

 

 

(89,636

)

 

 

(81,169

)

Other comprehensive loss (income) attributable to noncontrolling interests

 

 

(574

)

 

 

783

 

 

 

(1,072

)